Samsung SDS, the IT arm of South Korea’s Samsung Group, has announced plans to launch Nexfinance, an innovative platform that leverages blockchain and artificial intelligence (AI) technology for use cases in the digital finance space.
Speaking on Monday during a media day event, Samsung SDS financial division head Yoo Hong-jun said:
“We are planning to move forward with the digital financial business through Nexfinance, a digital financial platform that combines proven and new technologies.”
Nexfinance will revolve around solutions like digital identity, an AI virtual assistant, a finance concierge, and automatic insurance payment. The platform will support financial companies in driving digital transformation in a secure manner.
Blockchain technology will be leveraged for the platform’s digital identity solution, while AI big data tools will support services such as finance concierge and automatic insurance.
“We have completed the design for Nexfinance aimed at the insurance industry and we will continue to put in efforts to innovate the digital finance industry,” Samsung SDS CEO Hong Won-pyo said.
According to a Samsung SDS representative, “Nexfinance is a platform that allows the easy application of new IT technologies and various external solutions, allowing financial institutions to actively and flexibly respond to a rapidly changing financial IT environment.”
Last year, Samsung SDS announced that it was working with the Seoul Metropolitan Government to use blockchain for the city’s administrative management. The local authority plans to move several areas of administration to blockchain by 2022, including transportation, public safety, and welfare.
The IT subsidiary of Samsung has previously developed another blockchain platform, Nexledger. It offers digital payments, identity, and authentication solutions to enterprise customers.
In April, we reported that Samsung Electronics (KS:005930), the flagship company of Samsung Group, intends to build a blockchain platform for supply chain management in the shipping industry.
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